Business

Debt payments surge 74.3% to ₱986.04B in Q1

May 6, 2024

Reine Juvierre S. Alberto

THE national government disbursed a total of P986.036 billion in the first quarter of 2024 for payment of its domestic and external debts, with amortization outpacing interest payments for March, based on the latest data from the Bureau of the Treasur...

ADB sees highest net income allocation from ordinary capital resources in 2023

May 6, 2024

Cai U. Ordinario

TBILISI, Georgia—The Asian Development Bank (ADB) recorded its highest net income allocation in history from its ordinary capital resources (OCR) last year.

Asean+3 seen providing 45% of global growth till 2030

May 6, 2024

Cai U. Ordinario

TBILISI, Georgia—The Association of Southeast Asian Nations Plus three (Asean+3) Finance Ministers and Central Bank Governors expect the region to contribute nearly half of global growth until 2030.

PHL to ADB: Fund MSMEs more, push competitiveness

May 6, 2024

Cai U. Ordinario

TBILISI, Georgia—The Philippine government encouraged the Asian Development Bank (ADB) to provide more support to local micro, small and medium enterprises (MSMEs) to increase their competitiveness.

AWESOME MAYON, THRILLING RIDE

May 6, 2024

With Mayon Volcano in the background, colorful balloons rise in Bicol for the recent Bicol Loco Hot-Air Balloon Festival.

DOE awards 92 offshore wind energy service deals

May 6, 2024

THE Department of Energy (DOE) has awarded a total of 92 offshore wind (OSW) energy service contracts with a potential capacity 65 gigawatt hours (GWh).

‘Tap e-system solutions for faster infra flagship rollouts’

May 6, 2024

Samuel P. Medenilla

PRESIDENT Ferdinand R. Marcos Jr. has directed concerned government offices to tap electronic system solutions to fast-track the rollout of infrastructure flagship projects (IFP).

PHL’s salt roadmap: Plug local demand, then export

May 6, 2024

THE Philippines is looking to fill the domestic shortage of salt and remove the need for imports in the next five years, eventually competing with global suppliers of salt, according to the Bureau of Fisheries and Aquatic Resources (BFAR).

Banks given a year to comply with sustainable finance rules

May 6, 2024

Cai U. Ordinario

TBILISI, Georgia—The Bangko Sentral ng Pilipinas (BSP) is not keen on imposing immediate sanctions on banks that will fail to comply to the Sustainable Finance Taxonomy Guidelines (SFTG).

Spend, LGU-share rise bump up fund release

May 6, 2024

Reine Juvierre S. Alberto

THE national government’s disbursements from January to February this year rose by 16.4 percent to P722.5 billion from P620.7 billion recorded in the same period a year ago, according to the Department of Budget and Management (DBM).

Victory Liner grabs Campaign Asia’s top brand for customer experience

April 16, 2024

With a rich history spanning 78 years in the transportation industry, Victory Liner, Inc. (VLI) has established itself as a premier service provider, renowned for its exceptional offerings. Recognized as Campaign Asia’s top brand for customer experien...

Remittances rise, but savings static—BSP

April 16, 2024

Cai U. Ordinario

REMITTANCES sent home by overseas Filipinos abroad continued to increase in February 2024 but their savings and investments remained at pandemic levels, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

PHL ‘seriously concerned’ over Israel-Iran conflict

April 16, 2024

Malou Talosig-Bartolome

THE Philippines joined the international community on Monday in voicing its apprehension over the increasing tension between Israel and Iran.

BIR expects to hit P198-B goal from net income tax

April 16, 2024

Reine Juvierre Alberto

INTERNAL Revenue Commissioner Romeo D. Lumagui Jr. expressed confidence that the Bureau of Internal Revenue (BIR) will hit its target of raising the P198 billion from taxes on net income and profit to be collected this month on the back of strict enfo...

Online businesses press BIR for more time

April 16, 2024

Reine Juvierre Alberto

THE Bureau of Internal Revenue (BIR) is keen on extending the deadline for the registration and submission of a Sworn Declaration of Gross Remittance for online sellers for another 90 days to avoid the automatic deduction of 1-percent withholding tax ...

Q1 government borrowings cleared by MB dip 48% to $2.87B

April 16, 2024

Cai U. Ordinario

FOREIGN borrowings approved by the Monetary Board declined 48 percent in the first quarter of 2024, according to the Bangko Sentral ng Pilipinas (BSP).

Transport groups say strike worked; government disputes claim

April 16, 2024

Lorenz S. Marasigan and Claudeth Mocon-Ciriaco

TRANSPORT groups Piston and Manibela claimed on Monday they brought the streets of Metro Manila and the Southern Tagalog Region to a standstill in their protest against the Public Utility Vehicle Modernization Program (PUVMP), but the government dispu...

Wholesale rice prices soar 31.2% in March, PSA reports

April 16, 2024

Cai U. Ordinario

WHOLESALE rice prices jumped 31.2 percent in March 2024, according to the latest data released by the Philippine Statistics Authority (PSA).

DOT rewards 15 LGUs for top tourism projects

April 16, 2024

Ma. Stella F. Arnaldo

LOCAL government units (LGUs) in Nueva Vizcaya, Bohol, and Basilan were the top prizewinners of the inaugural Tourism Champions Challenge (TCC) of the Department of Tourism (DOT).

PBBM: PHL closely watching US presidential race

April 16, 2024

Samuel Medenilla

President Ferdinand R. Marcos, Jr. said the country will closely watch the outcome of the upcoming United States (US) polls to determine how it will affect Manila-Washington relations.

Amid deeper ties with US, PBBM won’t allow more sites for Edca

April 16, 2024

Samuel Medenilla

DESPITE the “deepening” Philippines-US defense and military ties, President Ferdinand R. Marcos, Jr. said he will not grant American troops access to more local military bases under the Enhanced Defense Cooperation Agreement (Edca).

Shakey’s 2023 income grows 23%

April 16, 2024

Shakey’s Pizza Asia Ventures Inc., an operator of fast casual restaurant in the Philippines, said its net income last year expanded by 23 percent to P1.08 billion from the previous year’s P874.4 million, on higher sales.

The Reading Mind

April 16, 2024

Henry J. Schumacher

I’ve always loved reading. Novels, history books, magazines, and newspapers of course (4 newspapers are delivered to me at 8 am daily—and I love it!) Reading has shaped the way I think and see the world in ways I cannot even fathom.

PHL power supply made resilient with USAID initiative–Pres. BBM

April 16, 2024

Samuel Medenilla

PRESIDENT Ferdinand R. Marcos Jr. said the country’s power supply is set to become more resilient during natural calamities with the launch of the two components of the $34-million “Energy Secure Philippines” initiative of the United States Agency for...

Marcos still probing ‘secret’ deal on SCS

April 16, 2024

Samuel Medenilla

PRESIDENT Ferdinand R. Marcos Jr. said he is ready to take action on the “secret agreement” entered into by the previous administration with China concerning the South China Sea (SCS).

Making financial literacy inclusive for all

April 16, 2024

Janice Sabitsana

EVERY decision you make, from how you budget your paycheck to where you invest your savings, shapes your financial well-being. Yet, for many, navigating the intricate world of personal finance remains a daunting task. From government employees to stay...

SC holds consultations for proposed ULAS rules for lawyers’ pro bono services

April 16, 2024

Joel R. San Juan

The Supreme Court (SC) has started its regional consultations on the proposed new legal aid program that would require lawyers to render at least 60 hours of pro bono legal aid services to indigent Filipinos.

CREC secures financing from RCBC

April 16, 2024

Citicore Renewable Energy Corp. (CREC) and Rizal Commercial Banking Corp. (RCBC) sealed a financing deal worth P20 billion to help CREC achieve its goal of having one gigawatt (GW) of solar energy capacity this year.

Holcim to invest in waste collection facilities

April 16, 2024

Andrea E. San Juan

Holcim Philippines said it is allotting some P2 billion for segregation and waste collection facilities and solar projects in the next three years.

NGCP, Alternergy unit ink ICA for Tanay project

April 16, 2024

Alternergy Holdings Corp.’s (Alternergy) subsidiary, Alternergy Tanay Wind Corp. (ATWC), and the National Grid Corporation of the Philippines (NGCP) have signed the interconnection agreement (ICA) for the 100-megawatt (MW) Tanay wind power project in ...

First Gen: CNOOC bags LNG contract

April 16, 2024

Lopez-owned First Gen Corp. (FGen) said Monday it awarded the contract for the second shipment of the company’s liquefied natural gas (LNG) supply requirement to CNOOC Gas and Power Trading & Marketing Limited (CNOOC).

ICTSI gets PPA nod to begin operations of port in Iloilo

April 16, 2024

Lorenz S. Marasigan

The Philippine Ports Authority (PPA) has issued the notice to proceed to International Container Terminal Services Inc. (ICTSI) for the development and operations of the Iloilo Commercial Port Complex (ICPC), which has been renamed to Visayas Containe...

Affordable housing unit lifts net income of CPG in 2023

April 16, 2024

Century Properties Group Inc. (CPG) said its net income last year jumped to a 10-year high and surpassed the level recorded prior to the pandemic mainly due to the strong performance of its affordable housing brand.

Editorial Cartoon April 16, 2024

April 16, 2024

BusinessMirror Editorial

Image credits: Paul Eric Roca

Flagged down for Edsa bus lane breach, Chavit gives P200K ‘donation’ to MMDA

April 16, 2024

Claudeth Mocon-Ciriaco

THE Metropolitan Manila Development Authority (MMDA) said it received a “donation” of P200,000 from former Ilocos Sur Governor Luis “Chavit” Singson.

Examining PHL’s job creation efforts and forging a path forward

April 16, 2024

BusinessMirror Editorial

The country’s recent employment data has sparked both optimism and concern among citizens. While the numbers indicate some improvement, it is clear that the pace of job creation is falling short of expectations. Despite the modest increase in the numb...

CWT refund or carry-over?

April 16, 2024

Atty. Irwin C. Nidea Jr.

For most taxpayers, the deadline for filing the Annual Income Tax Returns (AITR) was yesterday (April 15). It is at this moment that a decision to either refund or carry over the excess withholding tax credits must be made. The Supreme Court in one ca...

The wave is coming

April 16, 2024

Three weeks from now two events will take place. They are not connected but it is interesting. Vladimir Putin’s next presidential inauguration is set for May 7, 2024. In addition, there will be another minor peak in Wave 935 of the Economic Confidence...